Money transfer smart phone methods and systems

ABSTRACT

A method includes establishing a first funds transfer account associated with a first device and a second funds transfer account with a second device, funding at least the first fund account, and selecting the second device as the recipient of a funds transfer from the first device. The method further includes sending a communications link request from the first device to the second device and receiving acceptance of the communications link request from the second device. The method then establishes a communications link between the first device and the second device, initiates a funds transfer from the first device to the second device, wherein the amount is designated at the first device, and verifies the funds transfer amount, the first funds transfer account, and the second funds transfer account. Then, the method transfers the amount to the second funds transfer account associated with second device.

The present application is a continuation of and claims priority to U.S.patent application Ser. No. 13/894,436, filed on May 15, 2013, issued asU.S. Pat. No. 9,659,293 on May 23, 2017, and entitled “MONEY TRANSFERSMART PHONE METHODS AND SYSTEMS” which claims priority to U.S. patentapplication Ser. No. 12/756,825, filed on Apr. 8, 2010, issued as U.S.Pat. No. 8,458,088 on Oct. 13, 2011, and entitled “MONEY TRANSFER SMARTPHONE METHODS AND SYSTEMS”. The entire disclosures of the aboveapplications are hereby incorporated herein by reference, for allpurposes, as if fully set forth herein.

BACKGROUND OF THE INVENTION

This invention relates generally to money transfers. More specifically,the invention relates to money transfers utilizing smart phonetechnology.

Typically, setting up and executing a money transfer may not beconvenient. For example, transferring money in a casual setting (i.e.,among friends at a restaurant) is not possible. With currentimplementations the sender would have to go to an agent location,initiate a money transfer, and then the receiver would have to go to theagent location to retrieve the funds. Additionally, currency conversionis a difficult process. Determining exchange rates, finding currencyexchange locations, etc. can be inconvenient and difficult. Lastly,collaborative money transfer and social networking does not exist today.Hence, improvements in the art are needed.

BRIEF SUMMARY OF THE INVENTION

The systems and methods described include a method of transferring fundsbetween mobile devices. The method includes establishing a first fundstransfer account associated with a first mobile device and a secondfunds transfer account with a second mobile device, funding at least thefirst fund account, and selecting the second mobile device as recipientof a funds transfer from the first mobile device. The method furtherincludes sending a communications link request from the first mobiledevice to the second mobile device and receiving acceptance of thecommunications link request from the second mobile device. In responseto the acceptance, the method includes establishing a communicationslink between the first mobile device and the second mobile device,initiating a funds transfer from the first mobile device to the secondmobile device, wherein an amount is designated at the first mobiledevice, and verifying, by a processing center, the funds transferamount, the first funds transfer account, and the second funds transferaccount. Then, in response to verification of the funds transfer,transferring the amount to the second funds transfer account associatedwith second mobile device.

Another embodiment includes a method of providing currency exchange. Themethod includes photographing, by a camera device within a mobiledevice, an image of currency of a first country's currency, based on theimage, determining a first amount and a country of origin of thecurrency, and determining, using location services of the mobile device,a current location of the mobile device. The method further includes,based on the current location, determining a second country's currency,determining an exchange rate between the first country's currency andthe second country's currency, and calculating a second amount in thesecond country's currency based on the first amount and the exchangerate.

In yet another embodiment, a method of implementing a collaborativefunds transfer is provided. The method includes initiating, by anentity, a collaborative funds transfer request within a collaborativeenvironment, verifying the entities identity, and receiving funds forthe entity from a plurality of participants within the collaborativeenvironment. The method further includes providing an interface to thecollaborative environment configured to receive content about the fundstransfer request from the plurality of participants and the entity andproviding the funds to the entity.

BRIEF DESCRIPTION OF THE DRAWINGS

A further understanding of the nature and advantages of the presentinvention may be realized by reference to the remaining portions of thespecification and the drawings wherein like reference numerals are usedthroughout the several drawings to refer to similar components. In someinstances, a sublabel is associated with a reference numeral to denoteone of multiple similar components. When reference is made to areference numeral without specification to an existing sublabel, it isintended to refer to all such multiple similar components.

FIG. 1 is a flow diagram illustrating a method of transferring fundsbetween mobile devices, according to one embodiment of the presentinvention.

FIG. 2 is a flow diagram further illustrating a method of transferringfunds between mobile devices, according to one embodiment of the presentinvention.

FIG. 3 is a flow diagram illustrating a method of transferring fundsbetween mobile devices, according to another embodiment of the presentinvention.

FIG. 4 is a flow diagram illustrating a method of converting funds fromone currency to another currency, according to another embodiment of thepresent invention.

FIG. 5 is a flow diagram illustrating a method of implementingcollaborative money transfer, which can be used in accordance withvarious embodiments of the invention.

FIG. 6 is a block diagram illustrating a system for implementing any oneof the methods described in FIGS. 1-5, according to one embodiment ofthe present invention.

FIG. 7 is a generalized schematic diagram illustrating a computersystem, in accordance with various embodiments of the invention.

DETAILED DESCRIPTION OF THE INVENTION

Aspects of the present application include a “bump” Smartphoneapplication that allows two Smartphones to be “bumped” together in orderto transfer money in much the same way that business cards can beexchanged. If person A owed person B money, person A would click ontheir money transfer application, enter the amount, and bump theirdevice with person B's device, and person B would then accept or declinethe funds.

Further aspects of the present invention include taking a picture ofcurrency and based on the picture sending the customer the currentexchange (FX) rate based on a country of origin or the geographicallocation of the device (i.e., Smartphone in the United States takes apicture of a Euro, the application sends the picture, identifies thecurrency as a Euro, and responds with the equivalent US Dollar value). Anumber of currency exchange locations would be presented for thecustomer to go to exchange the Euros for US currency.

Another aspect of the present invention includes a one-to-many socialmedia application for a Smartphone to solicit a money transfer (e.g., acharitable organization, a relative, a cause, etc.). For example, an aidrelief organization could send a message to a group of possible donors;the donors could then collaborate with the relief organization to definespecifically what their funds would go towards. Once the donors aresatisfied that the cause that they would like to support is defined, theapplication could be accessed to donate funds earmarked for that cause.Furthermore, the relief organization could periodically post updates,photos, etc. to generate more funds from the same set of donors for thecause.

Turning now to FIG. 1, which illustrates a method 100 of transferringfunds between mobile devices, according to one embodiment of the presentinvention; at process block 105, a funds transfer account may beestablished for a customer. The account may be associated with a mobiledevice (e.g., a Smartphone), for example, with the SIM (or otheridentifier) of the mobile device. The account may be issued from or inconjunction with a telecommunications provider for the mobile device.The account may be maintained and provided by a third-party moneytransfer company, a utility company, a government agency, and the like.

At process block 110, the account may be funded. In one embodiment, theaccount may be funded by loading funds onto the account, oralternatively a credit (or pseudo-credit) relationship may beestablished with the entity holding the account such that a certainamount of funds may be used against the account (e.g., up to a limit).Furthermore, any charges to the account may also be billed to thecustomer. For example, the amount used against the account may appear onthe account holder's utility bill, phone bill, etc.

In one embodiment, a Smartphone (or mobile phone) application may beinstalled on the mobile device. The application may be implemented toaccess the money transfer account to fund the account, check a balance,view pending transactions, etc. The application may have a secure loginfunctionality (process block 115). In one embodiment, the mobile devicemay be authenticated (process block 120). For example, the mobiledevice's MAC address may be verified to ensure that the account isassociated with the device, or alternatively the mobile device's SIMinformation may be verified.

Once the login and mobile device have been authenticated, a money (orfunds) transfer may be initiated (process block 125). In one embodiment,a customer A may desire to transfer funds to customer B. Customer A mayaccess the funds transfer application within their mobile device, andinitiate a transfer with a transfer amount and a recipient. Customer Bmay be located near customer A, and through near field communication(e.g., Wi-Fi, Bluetooth, inferred, etc.) customer A's device andcustomer B's device may establish a communications link (e.g., “bump”customer A's device with customer B's device). In one embodiment, a“bump” is a device-to-device communication similar to exchangingbusiness cards. Once customer A initiates a funds transfer, and verifiesthe transfer is correct (process block 130), a message may be sent tocustomer B's device indicating that a funds transfer is awaitingacceptance. In one embodiment, a pop-up (or similar) message may bedisplayed on Customer B's device. Alternatively, if customer B is not inthe vicinity of customer A, then the message may be sent to customer B'sdevice through an alternative communications path (e.g., cellular,Internet, etc.).

Furthermore, once customer B has received the funds transfer message,viewed the message, and accepted the funds, an acceptance message may besent to customer A confirming that the funds transfer has been acceptedand completed (process block 135). The balance would then either bedrawn down from funds already associated with the account, or customer Awould be billed (either on his/her next utility or phone bill, orthrough an alternative billing process).

Referring now to FIG. 2, which illustrates a method 200 of transferringfunds between mobile devices in conjunction with method 100, accordingto another embodiment of the present invention. At process block 205,within the mobile application a “wallet” may be displayed. In oneembodiment, the wallet might be a virtual (or graphically represented)wallet. The wallet may depict “bills” and “coins” in variousdenominations which reflect the amount of funds stored within theaccount or available for used (i.e., based on the limit, availablecredit, etc.).

The application may provide an interface for selecting a recipient forthe funds transfer (process block 210). The recipient list may bepopulated by a contact list, a transfer history list, a list of deviceswithin a certain distance of the customer's device, etc. The customermay then select one or more recipients to initiate a funds transfer. Atprocess block 215, a funding source may be selected. For example, thecustomer may drag bills and/or coins from the wallet and slide them overto the recipient's wallet (which is represented on the device's screen).Alternatively, a numeric value may be entered indicating the fundingsource and amount (process block 220).

Furthermore, funding sources may be selected. For example, the customermay have a utility account, a telephone account, and a mobile walletaccount associated with the funds transfer account. As such, thecustomer may select any one or more of the accounts to fund the moneytransfer. Once the source, amount, and recipient have beenselected/designated, the transfer of the funds may be initiated (processblock 225). Accordingly, once the recipient has accepted and/or declinedthe money transfer, a notification may be sent through the applicationto be displayed on the mobile device (process block 230).

Turning next to FIG. 3, a method 300 is illustrated of transferringfunds between mobile devices, according to yet another embodiment of thepresent invention. At process block 305, a recipient of a funds transfer(or bump) may accept the transfer and receive the funds associated withthe transfer. In one embodiment, the recipient may select the method forwhich he/she desires to receive the funds (process block 310). Forexample, the recipient may have the funds transferred into a bankaccount, on a credit account, to a mobile wallet, on a utility bill,etc. (process block 315). Alternatively, the funds may be placed withinthe account associated with the application on the device. Accordingly,the recipient's balance/limit status may then be updated and reflectedwithin the application (process block 320). In one embodiment,additional bill/coins may be graphically displayed within the “wallet”as well as a graphical representation of the bill/coins moving into thewallet.

FIG. 4 illustrates a method 400 of converting funds from one currency toanother currency, according to one embodiment of the present invention.At process block 405, a photograph (or digital image) of currency from acountry is made. The digital image may be of more than one bill or morethan one denomination (coins may also be in the image). Alternatively,an image of a single bill or coin may be taken, and within anapplication on, for example, a mobile device, an amount of the bills maybe designated.

At process block 410, the amount of the currency in the image and thecountry of origin may be identified. For example, the currency may beidentified (i.e., through recognition software and techniques) as UnitedStates currency. Furthermore, the bills may be identified as a twentydollar bill and a ten dollar bill.

Further, the mobile device's location may be determined (process block415). In one embodiment, a global positioning system (GPS) within themobile device may be used to determine the current geographical positionof the device. Alternatively, the customer may designate a default (orcurrent position) by selecting a location from a list of locations,entering a zip of other address code, etc. Once the current location ofthe mobile device has been determined, a determination is made of thecurrency of the country at the current location (process block 420). Forexample, the country at the current location may be France, and thecurrency may be determined to be the Euro.

At process block 425, the exchange (FX) rate of the currency of thecountry at the current location is determined. The FX may be locked fora period of time, or may merely provide a snapshot of the current FXrate, which may change over time. At process block 430, the amount of inthe country at the current location based on the amount of funds in thedigital image may be calculated. Referring back to our above example,thirty dollars, at the determined FX rate, may be worth twenty-threeEuros. Accordingly, the customer now knows the amount of local currencytheir currency is worth.

At process block 435, based on the determined current location, currencyexchange locations may be identified. For example, a radius may bedesignated, and any exchange locations may be displayed with contactand/or direction information. In one embodiment, certain exchangelocations may be preferred providers, which, if used, may provide adiscounted exchange fee, or may be able to provide an FX lock.

In one embodiment, the FX lock may be provided as a barcode (or thelike) that is displayed on the mobile device (Smartphone). The barcodemay provide information about the locked FX rate (i.e., the rate value,the lock expiration, the exchange location associated with the lockedrate, etc.). Furthermore, the customer could take the displayed barcodeto an exchange location, have the barcode scanned (or otherwise read),and accordingly retrieve the locked FX rate.

Turning now to FIG. 5, a method 500 is illustrated of implementingcollaborative money transfer, according to one embodiment of the presentinvention. At process block 505, a collaborative funds transfer requestmay be initiated by an entity (e.g., a charitable organization, a relieforganization, etc.) within a collaborative environment (e.g., GoogleWave, or the like). The collaborative funds transfer may be for relieffunds (e.g., disaster relief, etc.) and the request may includephotographs, information, etc. about the cause, relief effort, etc.Furthermore, members of the organization and/or donors to the fund maybe able to post comments, pictures, and the like.

At process block 510, a verification of the organization may be providedin order to ensure that the relief effort is legitimate and to limitfraud. Also, this verification may be required in order to comply withany government and/or legal requirements regarding funds transfers. Atprocess block 515, funds transfers may be initiated by members of thecollaborative group from within the collaborative environment. The fundsmay then be received by the organization.

At process block 520, a review, within the collaborative environment, ofthe services offered (using the funds received from the donors) by theorganization may be made. For example, the organization may postinformation about how the funds have been used, distributed, etc. Atprocess block 525, communications, pictures, etc. may be posted to thecollaborative environment, and the participants may review the posts andmake determinations about how the funds have been used, comment aboutthe organization, etc. As such, participants may be able to collaborateon a local, national, or international scale to provide funds toorganizations they deem as worthwhile. At the same time, participantsare able to provide feedback, share experiences, etc. about the reliefeffort and the organization.

Referring to FIG. 6, a system 600 is illustrated for implementing anyone of the methods described in FIGS. 1-5, according to one embodimentof the present invention. System 600 includes a money transferfacilitator 601, which includes a money transfer system 603. A database624 which includes customer account information may be in communicationwith money transfer system 603. Furthermore, system 600 may include afinancial transfer network 628 in communication with money transferfacilitator 601, a sender's financial institution 630 (including asource account 632), and a receiver's financial institution 640(including a destination account 642). In one embodiment, the financialinstitutions 630 and 640 may also be utility or telephone companies forwhich the sender 604 and/or receiver 608 have a funds transfer accountestablished. Alternatively, sender 604 and/or receiver 608 may havefunds transfer accounts established with money transfer facilitator 601(as such, the financial institutions 630 and 640 may not be needed).

One example of how system 600 may be used is that sender 604 wants to“bump” funds to receiver 608 via near-field communication link 645. Thesteps in methods 100, 200, and 300 in FIGS. 1-3 may be performed usingsystem 600. In one embodiment, account establishment, funds transfer,etc. may occur between sender 604 and money transfer facilitator 601 viaone or more of the Internet 626 a, an agent location 626 b, or anotherinterface 626 c. Similarly, receiver 608 may communicate with moneytransfer facilitator 601 via the Internet 627 a, an agent location 627b, or another interface 627 c. Furthermore, system 600 may be used toimplement method 400 in FIG. 4 and method 500 in FIG. 5.

FIG. 7 provides a schematic illustration of one embodiment of a computersystem 700 that can perform the methods of the invention, as describedherein, and/or can function as, for example, the money transferfacilitator 601. It should be noted that FIG. 7 is meant only to providea generalized illustration of various components, any or all of whichmay be utilized as appropriate. FIG. 7, therefore, broadly illustrateshow individual system elements may be implemented in a relativelyseparated or relatively more integrated manner.

The computer system 700 is shown comprising hardware elements that canbe electrically coupled via a bus 705 (or may otherwise be incommunication, as appropriate). The hardware elements can include one ormore processors 710, including, without limitation, one or moregeneral-purpose processors and/or one or more special-purpose processors(such as digital signal processing chips, graphics acceleration chips,and/or the like); one or more input devices 715, which can include,without limitation, a mouse, a keyboard and/or the like; and one or moreoutput devices 720, which can include, without limitation, a displaydevice, a printer and/or the like.

The computer system 700 may further include (and/or be in communicationwith) one or more storage devices 725, which can comprise, withoutlimitation, local and/or network accessible storage and/or can include,without limitation, a disk drive, a drive array, an optical storagedevice, a solid-state storage device, such as a random access memory(“RAM”) and/or a read-only memory (“ROM”), which can be programmable,flash-updateable and/or the like. The computer system 700 might alsoinclude a communications subsystem 730, which can include withoutlimitation a modem, a network card (wireless or wired), an infra-redcommunication device, a wireless communication device and/or chipset(such as a Bluetooth™ device, an 802.11 device, a WiFi device, a WiMaxdevice, cellular communication facilities, etc.), and/or the like. Thecommunications subsystem 730 may permit data to be exchanged with anetwork, and/or any other devices described herein. In many embodiments,the computer system 700 will further comprise a working memory 735,which can include a RAM or ROM device, as described above.

The computer system 700 can also comprise software elements, shown asbeing currently located within the working memory 735, including anoperating system 740 and/or other code, such as one or more applicationprograms 745, which may comprise computer programs of the invention,and/or may be designed to implement methods of the invention and/orconfigure systems of the invention, as described herein. Merely by wayof example, one or more procedures described with respect to themethod(s) discussed above might be implemented as code and/orinstructions executable by a computer (and/or a processor within acomputer). A set of these instructions and/or code might be stored on acomputer-readable storage medium, such as the storage device(s) 725described above. In some cases, the storage medium might be incorporatedwithin a computer system, such as the system 700. In other embodiments,the storage medium might be separate from a computer system (e.g., aremovable medium, such as a compact disc, etc.), and/or provided in aninstallation package, such that the storage medium can be used toprogram a general purpose computer with the instructions/code storedthereon. These instructions might take the form of executable code,which is executable by the computer system 700 and/or might take theform of source and/or installable code, which, upon compilation and/orinstallation on the computer system 700 (e.g., using any of a variety ofgenerally available compilers, installation programs,compression/decompression utilities, etc.), then takes the form ofexecutable code.

It will be apparent to those skilled in the art that substantialvariations may be made in accordance with specific requirements. Forexample, customized hardware might also be used, and/or particularelements might be implemented in hardware, software (including portablesoftware, such as applets, etc.), or both. Further, connection withother computing devices such as network input/output devices may beemployed.

In one aspect, the invention employs a computer system (such as thecomputer system 700) to perform methods of the invention. According to aset of embodiments, some or all of the procedures of such methods areperformed by the computer system 700 in response to processor 710executing one or more sequences of one or more instructions (which mightbe incorporated into the operating system 740 and/or other code, such asan application program 745) contained in the working memory 735. Suchinstructions may be read into the working memory 735 from anothermachine-readable medium, such as one or more of the storage device(s)725. Merely by way of example, execution of the sequences ofinstructions contained in the working memory 735 might cause theprocessor(s) 710 to perform one or more procedures of the methodsdescribed herein.

The terms “machine-readable medium” and “computer readable medium”, asused herein, refer to any medium that participates in providing datathat causes a machine to operate in a specific fashion. In an embodimentimplemented using the computer system 700, various machine-readablemedia might be involved in providing instructions/code to processor(s)710 for execution and/or might be used to store and/or carry suchinstructions/code (e.g., as signals). In many implementations, acomputer-readable medium is a physical and/or tangible storage medium.Such a medium may take many forms, including but not limited to,non-volatile media, volatile media, and transmission media. Non-volatilemedia includes, for example, optical or magnetic disks, such as thestorage device(s) 725. Volatile media includes, without limitation,dynamic memory, such as the working memory 735. Transmission mediaincludes coaxial cables, copper wire and fiber optics, including thewires that comprise the bus 705, as well as the various components ofthe communication subsystem 730 (and/or the media by which thecommunications subsystem 730 provides communication with other devices).Hence, transmission media can also take the form of waves (includingwithout limitation radio, acoustic and/or light waves, such as thosegenerated during radio-wave and infra-red data communications).

Common forms of physical and/or tangible computer-readable mediainclude, for example, a floppy disk, a flexible disk, hard disk,magnetic tape, or any other magnetic medium, a CD-ROM, any other opticalmedium, punchcards, papertape, any other physical medium with patternsof holes, a RAM, a PROM, an EPROM, a FLASH-EPROM, any other memory chipor cartridge, a carrier wave as described hereinafter, or any othermedium from which a computer can read instructions and/or code.

Various forms of machine-readable media may be involved in carrying oneor more sequences of one or more instructions to the processor(s) 710for execution. Merely by way of example, the instructions may initiallybe carried on a magnetic disk and/or optical disc of a remote computer.A remote computer might load the instructions into its dynamic memoryand send the instructions as signals over a transmission medium to bereceived and/or executed by the computer system 700. These signals,which might be in the form of electromagnetic signals, acoustic signals,optical signals and/or the like, are all examples of carrier waves onwhich instructions can be encoded, in accordance with variousembodiments of the invention.

The communications subsystem 730 (and/or components thereof) generallywill receive the signals, and the bus 705 then might carry the signals(and/or the data, instructions, etc., carried by the signals) to theworking memory 735, from which the processor(s) 705 retrieves andexecutes the instructions. The instructions received by the workingmemory 735 may optionally be stored on a storage device 725 eitherbefore or after execution by the processor(s) 710.

It should be noted that the methods, systems, and devices discussedabove are intended merely to be examples. It must be stressed thatvarious embodiments may omit, substitute, or add various procedures orcomponents as appropriate. For instance, it should be appreciated that,in alternative embodiments, the methods may be performed in an orderdifferent from that described, and that various steps may be added,omitted, or combined. Also, features described with respect to certainembodiments may be combined in various other embodiments. Differentaspects and elements of the embodiments may be combined in a similarmanner. Also, it should be emphasized that technology evolves and, thus,many of the elements are examples and should not be interpreted to limitthe scope of the invention.

Specific details are given in the description to provide a thoroughunderstanding of the embodiments. However, it will be understood by oneof ordinary skill in the art that the embodiments may be practicedwithout these specific details. For example, well-known circuits,processes, algorithms, structures, and techniques have been shownwithout unnecessary detail in order to avoid obscuring the embodiments.This description provides example embodiments only, and is not intendedto limit the scope, applicability, or configuration of the invention.Rather, the preceding description of the embodiments will provide thoseskilled in the art with an enabling description for implementingembodiments of the invention. Various changes may be made in thefunction and arrangement of elements without departing from the spiritand scope of the invention.

Also, it is noted that the embodiments may be described as a processwhich is depicted as a flow diagram or block diagram. Although each maydescribe the operations as a sequential process, many of the operationscan be performed in parallel or concurrently. In addition, the order ofthe operations may be rearranged. A process may have additional stepsnot included in the figure. Furthermore, embodiments of the methods maybe implemented by hardware, software, firmware, middleware, microcode,hardware description languages, or any combination thereof. Whenimplemented in software, firmware, middleware, or microcode, the programcode or code segments to perform the necessary tasks may be stored in acomputer-readable medium such as a storage medium. Processors mayperform the necessary tasks.

Having described several embodiments, it will be recognized by those ofskill in the art that various modifications, alternative constructions,and equivalents may be used without departing from the spirit of theinvention. For example, the above elements may merely be a component ofa larger system, wherein other rules may take precedence over orotherwise modify the application of the invention. Also, a number ofsteps may be undertaken before, during, or after the above elements areconsidered. Accordingly, the above description should not be taken aslimiting the scope of the invention.

What is claimed is:
 1. A method of enhancing security of transfersbetween smartphones, the method comprising: receiving, by a firstsmartphone, an initiation of a device-to-device transfer, the firstsmartphone comprising a mobile application; providing, by the firstsmartphone and using the mobile application, an interface including apotential recipient list; determining, by the first smartphone and usingthe mobile application, one or more additional smartphones within apredetermined distance of the first smartphone and having compatibledevice-to-device transfer mobile applications installed, in response tothe initiation of the mobile application on the first smartphone;populating, by the first smartphone and using the mobile application,the potential recipient list displayed within the interface, based onthe determined one or more additional smartphones within thepredetermined distance of the first smartphone and having compatibledevice-to-device funds transfer mobile applications installed;receiving, by the first smartphone and using the mobile application, auser selection of a funds transfer recipient from the potentialrecipient list; establishing, by the first smartphone, a communicationslink between the first smartphone and a second smartphone associatedwith the selected funds transfer recipient, wherein establishing thecommunications link comprises: sending a direct near fieldcommunications request from the first smartphone to the secondsmartphone; and in response to an acceptance received from the secondsmartphone, establishing a direct communications link between the firstsmartphone and the second smartphone; and initiating, by the firstsmartphone and using the mobile application, a funds transfer from thefirst smartphone to the second smartphone, wherein an amount of thefunds transfer is designated at the first smartphone.
 2. The method ofenhancing security of transfers between smartphones of claim 1, furthercomprising: authenticating a first user account on the first smartphone,using a secure login process performed by the mobile application.
 3. Themethod of enhancing security of transfers between smartphones of claim2, further comprising: prior to initiating the funds transfer from thefirst smartphone to the second smartphone, authenticating the firstsmartphone, the authentication of the first smartphone comprising:accessing one or more hardware identifiers of the first smartphone,using the mobile application, the one or more hardware identifierscomprising at least one a Media Access Control (MAC) address of thefirst smartphone or Subscriber Identity Module (SIM) information of thefirst smartphone; and verifying that the first user account isassociated with the one or more hardware identifiers of the firstsmartphone.
 4. The method of enhancing security of transfers betweensmartphones of claim 2, further comprising: determining an account limitassociated within the first smartphone, using the mobile application;and prior to initiating the funds transfer from the first smartphone tothe second smartphone, comparing the amount of the funds transferdesignated at the first smartphone, to the account limit associatedwithin the first smartphone.
 5. The method of enhancing security oftransfers between smartphones of claim 1, wherein the user selectionmade via the interface on the first smartphone comprises a selection ofmultiple funds transfer recipients from the potential recipient list asrecipients of the funds transfer.
 6. The method of enhancing security oftransfers between smartphones of claim 1, further comprising: inresponse to the initiation of the funds transfer from the firstsmartphone to the second smartphone, providing a second interface on thefirst smartphone including a potential funding accounts list comprisinga plurality of funded accounts associated with the first smartphone;receiving a user selection of one or more accounts from the potentialfunding accounts list displayed via the second interface; and initiatingthe funds transfer from the first smartphone to the second smartphoneusing the one or more accounts selected via the second interface.
 7. Themethod of enhancing security of transfers between smartphones of claim6, wherein the potential funding accounts list displayed via the secondinterface includes a first account corresponding to a financial accountof a financial institution, and a second account associated with themobile application on the first smartphone.
 8. The method of enhancingsecurity of transfers between smartphones of claim 1, wherein theinitiation of the funds transfer from the first smartphone to the secondsmartphone is performed in response to detection of a device-to- devicebump between the first smartphone and the second smartphone.
 9. Themethod of enhancing security of transfers between smartphones of claim1, further comprising: in response to the initiation of the fundstransfer from the first smartphone to the second smartphone, presentingan interface with one or more funding receipt account options associatedwith the second smartphone; receiving a user selection of at least oneof the one or more funding receipt account options; and initiating thefunds transfer into the at least one of the one or more funding receiptaccount options.
 10. A non-transitory, computer-readable medium havingsets of instructions stored thereon which, when executed by a computer,cause the computer to: receive an initiation of a device-to-device fundstransfer mobile application at a first smartphone; provide an interfaceincluding a potential recipient list, in response to the initiation ofthe device-to-device funds transfer mobile application at the firstsmartphone; determine one or more additional smartphones within apredetermined distance of the first smartphone having compatibledevice-to-device funds transfer mobile applications installed, inresponse to the initiation of the device-to-device funds transfer mobileapplication on the first smartphone; populate the potential recipientlist displayed within the interface, based on the determined one or moreadditional smartphones within the predetermined distance of the firstsmartphone having compatible device-to-device funds transfer mobileapplications installed; receive a user selection of a funds transferrecipient from the potential recipient list; establish a communicationslink between the first smartphone and a second smartphone associatedwith the selected funds transfer recipient, wherein establishing thecommunications link comprises: sending a direct near fieldcommunications request from the first smartphone to the secondsmartphone; and in response to an acceptance received from the secondsmartphone, establishing a direct communications link between the firstsmartphone and the second smartphone; and initiate a funds transfer fromthe first smartphone to the second smartphone, wherein an amount of thefunds transfer is designated at the first smartphone.
 11. Thenon-transitory, computer-readable medium of claim 10, having furtherinstructions stored thereon which, when executed by a computer, causethe computer to: authenticate a first user account on the firstsmartphone, using a secure login process performed by thedevice-to-device funds transfer mobile application.
 12. Thenon-transitory, computer-readable medium of claim 11, having furtherinstructions stored thereon which, when executed by a computer, causethe computer to: authenticate the first smartphone prior to initiatingthe funds transfer from the first smartphone to the second smartphone,the authentication of the first smartphone comprising: accessing one ormore hardware identifiers of the first smartphone, using thedevice-to-device funds transfer mobile application, the one or morehardware identifiers comprising at least one of a Media Access Control(MAC) address of the first smartphone or Subscriber Identity Module(SIM) information of the first smartphone; and verifying that the firstuser account is associated with the one or more hardware identifiers ofthe first smartphone.
 13. The non-transitory, computer-readable mediumof claim 10, having further instructions stored thereon which, whenexecuted by a computer, cause the computer to: determine an accountlimit associated within the first smartphone, using the device-to-devicefunds transfer mobile application; and prior to initiating the fundstransfer from the first smartphone to the second smartphone, compare theamount of the funds transfer designated at the first smartphone, to theaccount limit associated within the first smartphone.
 14. Thenon-transitory, computer-readable medium of claim 10, having furtherinstructions stored thereon which, when executed by a computer, causethe computer to: in response to the initiation of the funds transferfrom the first smartphone to the second smartphone, provide a secondinterface on the first smartphone including a potential funding accountslist comprising a plurality of funded accounts associated with the firstsmartphone; receive a user selection of one or more accounts from thepotential funding accounts list displayed via the second interface; andinitiate the funds transfer from the first smartphone to the secondsmartphone using the one or more accounts selected via the secondinterface.
 15. The non-transitory, computer-readable medium of claim 14,wherein the potential funding accounts list displayed via the secondinterface includes a first account corresponding to a financial accountof a financial institution, and a second account associated with thedevice-to-device funds transfer mobile application on the firstsmartphone.
 16. The non-transitory, computer-readable medium of claim10, wherein the initiation of the funds transfer from the firstsmartphone to the second smartphone is performed in response todetection of a device-to-device bump between the first smartphone andthe second smartphone.
 17. A smartphone, comprising: one or morewireless network interfaces; a processing unit comprising one or moreprocessors; and a non-volatile memory medium comprising instructionsthat direct the processing unit to: receive an initiation of adevice-to-device funds transfer mobile application; provide an interfaceincluding a potential recipient list, in response to the initiation ofthe device-to-device funds transfer mobile application; determine one ormore additional mobile devices within a predetermined distance of thesmartphone having compatible device-to-device funds transfer mobileapplications installed, in response to the initiation of thedevice-to-device funds transfer mobile application on the smartphone;populate the potential recipient list displayed within the interface,based on the determined one or more additional mobile devices within thepredetermined distance of the smartphone having compatibledevice-to-device funds transfer mobile applications installed; receive auser selection of a funds transfer recipient from the potentialrecipient list; establish a communications link between the smartphoneand a mobile computing device associated with the selected fundstransfer recipient, wherein establishing the communications linkcomprises: sending a direct near field communications request from thesmartphone to the mobile computing device; and in response to anacceptance received from the mobile computing device, establishing adirect communications link between the smartphone and the mobilecomputing device; and initiate a funds transfer from the smartphone tothe mobile computing device.
 18. The smartphone of claim 17, thenon-volatile memory medium comprising further instructions that directthe processing unit to: authenticate a first user account, using asecure login process performed by the device-to-device funds transfermobile application.
 19. The smartphone of claim 18, the non-volatilememory medium comprising further instructions that direct the processingunit to: authenticate the smartphone prior to initiating the fundstransfer, the authentication of the smartphone comprising: accessing oneor more hardware identifiers of the smartphone, using thedevice-to-device funds transfer mobile application, the one or morehardware identifiers comprising at least one of a Media Access Control(MAC) address of the smartphone or Subscriber Identity Module (SIM)information of the smartphone; and verifying that the first user accountis associated with the one or more hardware identifiers of thesmartphone.
 20. The smartphone of claim 17, the non-volatile memorymedium comprising further instructions that direct the processing unitto: determine an account limit associated within the smartphone, usingthe device-to-device funds transfer mobile application; and prior toinitiating the funds transfer from the smartphone to the mobilecomputing device, compare an amount of the funds transfer designated atthe smartphone, to the account limit associated within the smartphone.